Part 4/13:
Fred Goodwin, dubbed “Fred the Shred,” was a pivotal figure in the UK banking sector whose over-aggressive expansion led to catastrophic consequences. As head of RBS, Goodwin’s pursuit of acquisitions, notably the ill-fated purchase of ABN AMRO during the 2008 financial bubble, left the bank overexposed during the crisis. The fallout was severe: RBS required a massive government bailout, recorded the largest loss in UK corporate history, and Goodwin was stripped of his knighthood—a rare public shaming.
His pension controversy, fighting to retain an £8 million payout, further tarnished his legacy. Ultimately, his actions symbolized the reckless culture that contributed to the UK’s financial turmoil, illustrating how the pursuit of growth at all costs can lead to national economic crises.